The S&P 500 Index ($SPX) (SPY) on Friday fell -0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) fell -0.48%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose +0.08%. September E-mini S&P futures (ESU25) fell -0.35%, and September E-mini Nasdaq futures (NQU25) rose +0.04%.
Stocks on Friday initially rallied after the weak US unemployment report, which solidified market expectations for at least two Fed rate cuts by year-end. However, stocks then turned lower as market sentiment turned negative on concern about weaker US corporate earnings if the US economy is headed towards a recession.
